This can also be attributed to a non work — life balance that affects many individuals and trickles down on their family eating habit as well. That would make the product partially seasonal as it would be highly beneficial to its target market during those months.
With a wider range of cultural diversity an increase in the multi-cultural trend in the US. The economic down turn will stimulate the need for eating at home which in turn will enhance the need for creative meals.
The primary target market is anyone who cooks at home. This product eliminates one of the major challenges of cooking with a recipe. Promotion Promotional efforts will include a series of informative and persuasive advertising campaigns.
Lakeland has developed strong brand awareness over the year which has delivered strong brand loyalty from our consumers. Based on the increase in unemployment it is less costly to cook meals at home rather than dine out as a result of the economic downturn that has been experienced these past few years.
The Recipe Modifier will then Brand extension marketing plan essay the needed calculations and modify the measurements to meet the identified serving size without changing the taste of the resulting dish. The name of the product will be reiterated throughout all ads and the established name is easy to remember since it is similar to the function the product executes.
The product has a physical life cycle of 25 years as the materials are durable and the website aspect of the product is indefinite. Marketing Management 13th ed. There should also be limited down time of the web based version of the product. After the product is launched, it will be in the form of quarterly customer satisfaction surveys.
Equipment is of good quality and website server has ample space with trained IT personnel to effectively handle any down time. With continuous improvements to the product to meet consumer needs, if more competition enters the market the product is still expected to maintain its market share.
In addition, there is very little competition in this market, thus it leaves room for Lakeland to command the market share with the introduction of this new product.
Customers will be limited to purchasing one device per household. Get More Ideas For Brainstorming: There is a large potential for growth in this market as a result of the economic down turn and emphasis placed on the need for healthier eating.
Marketing opportunities should be capitalized on within budget while consistently reaching the target market and increasing product awareness.
Through the execution of efficient customer service and fostering good relationships with our stakeholders the company will meet consumer needs. Key marketing objectives are to sustain positive and stable quarterly growth.
This product is accessible through the device or on the internet. Brand Extension Marketing Plan 1. These efforts will aid in emphasizing this market strategy and enhance brand awareness. Growth in individuals who are not preferential to fast food and seek nutritional value of real ingredients.
This will provide a greater need for recipes serving size to be modified. The marketing message conveyed is that the Recipe Modifier is an indispensable cooking tool that any individual preparing a meal should not be without. Our objective is to maintain product quality leadership while providing an affordable product.
If the hand held is misplaced the information can be retrieved from the website, once it was lready uploaded. There is a wide consumer market for this product and establishing product awareness to build brand equity is crucial to its success.
By offering the package deal of the handheld and website access at a slightly lower price consumers would be encouraged to purchase the handheld product for accessibility to both options. Our attentiveness and flexibility for meeting consumer needs will be further leveraged to maintain the competitive edge.
These areas will serve to build brand awareness and emotional connections with current and potential consumers. The Recipe Modifier appeals to virtually any individual that cooks at home using recipes.
Hence the Recipe Modifier meets the market need of accurate recipe modification to meet any serving size. It also allows them to eat healthier. Consumers will also be given the opportunity to purchase a license to use the website at a slightly lower price if they prefer not to purchase the handheld.
Our product will use a competitive strategy of executing a frontal attack since our resources are extensive. Lakeland will leverage its competitive edge to accomplish this positioning.Brand Extension Marketing Plan Project Executive Summary Beachbody was created in by John Congdon and Carl Daikeler.
Beachbody produces, markets and sells its home-based fitness and nutrition products through infomercials and its Team Beachbody coaches.
The brand extension project aims to secure opportunities in the current market before our competitors identify them.
By the end of the first Quarter, Clean-So aims to increase its market share by 40%. Brand Extension Marketing Plan: The New Wii Wingo and Extended Service Plan GB Marketing Management Kerri Bresley Kaplan University December 1, Brand Extension Marketing Plan: The New Wii Wingo and Extended Service Plan Executive Summary Wii is a for-profit organization already offering numerous video.
Brand Extension Marketing Plan Essay Running head: Brand Extension Marketing Plan Executive Summary The Recipe Modifier is Lakelands most recent innovation that has great potential to generate revenue for.
Executive Summary. Wii is a for-profit organization already offering numerous video games targeted at many different segments of the market in. This brand extension will increase the market share for Starbucks by furthering their brand name in grocery stores or retail stores.
Objectives The main marketing objectives for the Strawberry Lemonade Crystals are as follows.Download